First Trust National Association, as Indenture Trustee v. First National Bank of Commerce

JERRY E. SMITH, Circuit Judge:

First Trust National Association (“First Trust”) is indenture trustee for a trust the assets of which are proceeds of notes sold by Belle Casinos, Inc. (“BCI”), and Biloxi Casino Belle, Inc. (“BCBI”). Those assets were placed by BCI/BCBI into two escrow accounts to be employed in building two casinos. The casinos ran over budget, and BCI/BCBI filed for bankruptcy. First National Bank of Commerce (“FNBC”), the agent for these escrow funds, failed to obtain necessary documentation, guaranteeing the cost of construction, from various sources, therefore contributing…